Corning CEO Addresses Shareholders at Annual Meeting
(Thomson Reuters ONE) -
CORNING, N.Y., April 28, 2016 - Speaking at the company's annual meeting of
shareholders this morning, Wendell P. Weeks, Corning Incorporated's (NYSE: GLW)
chairman, chief executive officer, and president, said, "The company is
financially healthy, and we are confident in our ability to deliver sustainable
growth and continue creating value for shareholders." Weeks acknowledged the
tough macroeconomic environment, but told shareholders, "Corning is tougher."
2015 Performance and 2016 First Quarter Results
Weeks said that Corning increased its momentum in key areas in 2015, despite
economic headwinds and foreign currency fluctuations. Highlights include:
* Launched new products such as Corning Lotus(TM) NXT Glass for high-
performance displays and EDGE8(TM) Solutions for data centers;
* Secured the first windshield customer for Corning® Gorilla® Glass for
Automotive;
* Strengthened position in Optical Communications with strategic acquisitions;
* Entered into an equity venture to capture a significant opportunity in
pharmaceutical glass packaging;
* Announced a strategic realignment of Corning's interest in Dow Corning.
Weeks noted that Corning continues to face challenges in 2016. On Tuesday, the
company announced first quarter results that, while down year over year, were
consistent with overall profit expectations. Weeks told shareholders that he
expects growth to resume as the year progresses. "Meanwhile, we are generating
strong, consistent operating cash flow, which allows us to reward our
shareholders and invest in our future," he said.
Capital Allocation Plans
Weeks explained that Corning expected to deploy more than $20 billion through
2019. The company plans to invest $10 billion to grow and sustain its
leadership. Corning also plans to distribute more than $10 billion to
shareholders through annual dividend increases by a low double-digit percentage
per share and through share repurchases.
"We are executing on our plans," said Weeks. The company completed a $1.25
billion accelerated stock repurchase program in January and repurchased an
additional $751 million of outstanding shares during the first quarter.
Corning's board of directors also approved a 12.5% quarterly common stock
dividend.
Growth Opportunities
Turning to the company's growth opportunities, Weeks said, "Key trends are
driving long-term growth across today's businesses, and our capabilities are
becoming increasingly vital to a broad range of applications."
Weeks shared examples of focus areas in Corning's major business segments.
* In Display Technologies, the company is leveraging its fusion assets to
drive the next round of display innovations, including thinner devices and
more lifelike images.
* In Optical Communications, Corning is delivering new connectivity solutions
that lower customers' cost, improve network performance, and meet the unique
needs of cloud data centers.
* In Specialty Materials, Corning is building on its leadership position in
cover glass by increasing scratch resistance, improving drop performance,
enhancing optical clarity, and enabling new form factors for mobile devices.
* In Environmental Technologies, the company is continuing its track record of
making the air cleaner by developing particulate filters for gasoline
direct-injection engines.
* In Life Sciences, Corning is creating new tools for drug development,
production, storage, and delivery.
Weeks concluded his remarks by underscoring his confidence in Corning's future
based on the company's track record of performance, distinctive capabilities,
and robust innovation portfolio. He told shareholders, "We always keep our eyes
on the prize - not just another 165 years of innovation and independence for
Corning, but also a world with cleaner air, more effective medicine, richer
entertainment experiences, and more efficient communication."
Formal Business
During the meeting's formal business, shareholders elected the following 13
directors to one-year terms: Donald W. Blair, 58; Stephanie A. Burns, 61; John
A. Canning Jr., 71; Richard T. Clark, 70; Robert F. Cummings, Jr, 66; Deborah A.
Henretta, 54; Daniel P. Huttenlocher, 57; Kurt M. Landgraf, 69; Kevin J. Martin,
49; Deborah D. Rieman, 66; Hansel E. Tookes II, 68; Wendell P. Weeks, 56; and
Mark S. Wrighton, 66. They also ratified the appointment of
PricewaterhouseCoopers as the company's independent registered public accounting
firm for 2016 and approved an advisory vote on executive compensation.
Special Presentation
Following the meeting, Martin J. Curran, executive vice president and innovation
officer, provided an overview of Corning's Emerging Innovations Group. Curran
shared examples of promising initiatives, including Corning Pharmaceutical
Technologies, which is addressing the FDA's push for higher pharmaceutical
manufacturing standards by developing a "21(st) century glass" to reduce
patients' risks from contamination and breakage. He also explained how the
company is leveraging Corning® Gorilla® Glass for Automotive to make cars
cleaner and safer, while also enhancing the experience for drivers and
passengers. Curran told shareholders, "We're staying true to our strategy of
growing through global innovation."
Webcast Information
The company hosted a live audio webcast of the 2016 annual meeting of
shareholders in Corning, New York, from 11 a.m. to 12:15 p.m. EDT, April
28, 2016. To access the audio webcast, please go to
www.corning.com/investor_relations, select "Events" and click on "More
Information" next to the annual meeting event. No password is required. The
audio webcast will be archived on the website for one year.
Presentation of Information in this News Release
Non-GAAP financial measures are not in accordance with, or an alternative to,
GAAP. Corning's non-GAAP financial measures exclude the impact of items that are
driven by general economic conditions and events that do not reflect the
underlying fundamentals and trends in the company's operations. The company
believes presenting non-GAAP financial measures assists in analyzing financial
performance without the impact of items that may obscure trends in the company's
underlying performance. Detailed reconciliations outlining the differences
between these non-GAAP measures and the most directly comparable GAAP measure
can be found on the company's website by going to the Investor Relations page
and clicking "Financial Highlights" under the "Performance" tab. These
reconciliations also accompany this news release.
Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements" (within the meaning of
the Private Securities Litigation Reform Act of 1995), which are based on
current expectations and assumptions about Corning's financial results and
business operations, that involve substantial risks and uncertainties that could
cause actual results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit markets; currency
fluctuations; tax rates; product demand and industry capacity; competition;
reliance on a concentrated customer base; manufacturing efficiencies; cost
reductions; availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in the mix of sales between
premium and non-premium products; new plant start-up or restructuring costs;
possible disruption in commercial activities due to terrorist activity, armed
conflict, political or financial instability, natural disasters, adverse weather
conditions, or major health concerns; adequacy of insurance; equity company
activities; acquisition and divestiture activities; the level of excess or
obsolete inventory; the rate of technology change; the ability to enforce
patents; product and components performance issues; retention of key personnel;
stock price fluctuations; and adverse litigation or regulatory
developments. These and other risk factors are detailed in Corning's filings
with the Securities and Exchange Commission. Forward-looking statements speak
only as of the day that they are made, and Corning undertakes no obligation to
update them in light of new information or future events.
Digital Media Disclosure
In accordance with guidance provided by the SEC regarding the use of company
websites and social media channels to disclose material information, Corning
Incorporated ("Corning") wishes to notify investors, media, and other interested
parties that it intends to use its website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to publish
important information about the company, including information that may be
deemed material to investors. The list of websites and social media channels
that the company uses may be updated on Corning's media and website from time to
time. Corning encourages investors, media, and other interested parties to
review the information Corning may publish through its website and social media
channels as described above, in addition to the company's SEC filings, press
releases, conference calls, and webcasts.
About Corning Incorporated
Corning (www.corning.com) is one of the world's leading innovators in materials
science. For more than 160 years, Corning has applied its unparalleled expertise
in specialty glass, ceramics, and optical physics to develop products that have
created new industries and transformed people's lives. Corning succeeds through
sustained investment in R&D, a unique combination of material and process
innovation, and close collaboration with customers to solve tough technology
challenges. Corning's businesses and markets are constantly evolving. Today,
Corning's products enable diverse industries such as consumer electronics,
telecommunications, transportation, and life sciences. They include damage-
resistant cover glass for smartphones and tablets; precision glass for advanced
displays; optical fiber, wireless technologies, and connectivity solutions for
high-speed communications networks; trusted products that accelerate drug
discovery and manufacturing; and emissions-control products for cars, trucks,
and off-road vehicles.
Media Relations Contact:
Daniel F. Collins
(607) 974-4197
collinsdf(at)corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas(at)corning.com
Follow Corning: RSS Feeds | Facebook | Twitter | YouTube
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Corning Incorporated via GlobeNewswire
[HUG#2007963]
Unternehmensinformation / Kurzprofil:
Datum: 28.04.2016 - 18:00 Uhr
Sprache: Deutsch
News-ID 467336
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